Qantas 2011 Annual Report Download - page 85
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83 ANNUAL REPORT 2011
for the year ended 30 June 2011
Notes to the Financial Statements continued
The following section summarises derivative nancial instruments in the Consolidated Balance Sheet, Consolidated Statement of Changes
in Equity, Consolidated Statement of Comprehensive Income and Consolidated Income Statement.
A OTHER FINANCIAL ASSETS AND LIABILITIES
Qantas Group
$M
$M
NET OTHER FINANCIAL LIABILITIES
Derivatives
Designated as cash ow hedges () ()
Designated as fair value hedges () ()
De-designated derivatives () ()
Not qualifying for hedge accounting
Net other nancial liabilities () ()
Net other nancial liabilities included in the Consolidated Balance Sheet
Other nancial assets – current
Other nancial assets – non-current
Other nancial liabilities – current () ()
Other nancial liabilities – non-current () ()
Net other nancial liabilities () ()
B HEDGE RESERVE
At June the Qantas Group held various types of derivative nancial instruments that were designated as cash ow hedges of future
forecast transactions. These were hedging of:
— Future foreign currency revenue receipts and operational payments by future debt repayments in foreign currency and exchange
derivative contracts (forwards, swaps or options)
— Future aviation fuel purchases by crude, gasoil and jet kerosene derivative contracts (forwards, swaps or options)
— Future interest payments by interest rate derivative contracts (forwards, swaps or options)
— Future capital expenditure payments by foreign exchange derivative contracts (forwards or options)
To the extent that the hedges were assessed as highly effective, the effective portion of changes in fair value is included in the hedge reserve.
For further information on accounting for derivative nancial instruments as cash ow hedges, refer to Note (F). The periods in which the
related cash ows are expected to occur are summarised below:
Qantas Group
$M
Less than
Year to Years
More than
Years Total
Contracts to hedge
Future foreign currency receipts and payments –
Future aviation fuel payments – –
Future interest payments () () –()
Future capital expenditure payments () () –()
() –
Tax effect ()
Total net gain included within hedge reserve
$M
Contracts to hedge
Future foreign currency receipts and payments
Future aviation fuel payments () – ()
Future interest payments () () () ()
Future capital expenditure payments () – ()
() ()
Tax effect ()
Total net gain included within hedge reserve
25. Derivatives and Hedging Instruments